4:15pm: Nasdaq leads market higher
Wall Street finished Friday on a high note, capping off a strong week across the board. The Nasdaq Composite jumped 1% to close at 21,450, notching its second record high in a row as enthusiasm around tech names held firm.
The S&P 500 added 0.8% to end the session at 6,389, now hovering just shy of its own all-time high. Meanwhile, the Dow Jones climbed 207 points, or 0.5%, to settle at 44,176.
The Russell 2000, which tracks small caps, saw a more modest gain of 0.2%, closing at 2,218.
In commodities, gold futures pulled back from record territory after the White House announced an upcoming executive order aimed at "clarifying misinformation" about gold bar tariffs. Confusion erupted earlier this week over whether certain Swiss imports were exempt from new US duties, sending prices to fresh highs before cooling off Friday.
Looking ahead, all eyes turn to next Tuesday’s inflation report, which could offer fresh clues about the Federal Reserve’s next move. With rate cut hopes simmering beneath the surface, investors will be watching closely for signs the central bank is ready to ease its stance.
3:40pm: Proactive news headlines
- Abacus Global Management (NASDAQ:ABL) rose 10.2% after raising its 2025 earnings outlook and posting a second straight quarter of record growth driven by strong asset inflows.
- Union Jack Oil PLC (AIM:UJO, OTCQB:UJOGF) is exploring early monetization of its West Newton gas field by supplying natural gas to power Bitcoin mining in partnership with 360 Energy.
- American Resources Corp (NASDAQ:AREC) welcomed a US-Cook Islands agreement to support sustainable seabed mining, which aligns with the goals of its subsidiary ReElement Technologies.
- Nano One Materials Corp (TSX:NANO, OTC:NNOMF) said it has bolstered its US battery supply chain positioning by joining the Arkansas Lithium Technology Accelerator.
- Delivra Health Brands Inc. (TSX-V:DHB, OTCQB:DHBUF) announced plans to launch its six-count sleep gummies in the Middle East via its Saudi Arabian distribution partner.
- Premier African Minerals Ltd (AIM:PREM, OTC:PRMMF) said it has entered the second phase of testing at its Zulu lithium plant, with early signs of improvement following recent adjustments.
- Petra Diamonds Limited (LSE:PDL, OTC:PDLMF) surged 43% after reaching a refinancing agreement with major stakeholders following a prolonged restructuring effort.
3:05pm: Stocks on the move
- Abacus Global Management (NASDAQ:ABL) shares surged 10.2% after the company raised its 2025 earnings outlook and reported a second consecutive quarter of record growth.
- SoundHound AI (NASDAQ:SOUN) soared 32.4% after beating Q2 expectations and boosting its full-year revenue forecast on strong demand across multiple sectors.
- Pinterest Inc (NYSE:PINS) dropped over 8% after missing second-quarter earnings expectations, though analysts at Wedbush recommended buying the dip.
- Trade Desk Inc (NASDAQ:TTD) plunged 38% as cautious guidance and growing competition, despite strong Q2 results, rattled investor confidence.
- Canopy Growth Corporation (TSX:WEED, NYSE:CGC) shares rose after the cannabis producer posted stronger-than-expected Q1 results, with revenue up 9% year-over-year.
- Under Armour Inc (NYSE:UA) fell more than 18% following disappointing Q1 earnings and weak guidance citing supply chain headwinds and tariff impacts.
- Petra Diamonds Limited (LSE:PDL, OTC:PDLMF) jumped 43% after securing a refinancing deal following a lengthy restructuring process.
- Flutter Entertainment PLC (LSE:FLTR, NYSE:FLUT) slipped 3% despite raising its full-year guidance, as strong Q2 results were largely in line with expectations.
- Duolingo Inc gained nearly 14%, adding over $2 billion in market value, after strong earnings triggered a volatile trading session.
- Pinterest Inc (NYSE:PINS) also fell over 11% after hours Thursday, wiping out $3 billion in market cap following a Q2 earnings miss.
2:35pm: Gold soars, miners wait
Gold surged to a record high of $3,534 an ounce on Friday, fueled by reports of new US tariffs on imported 1kg gold bars and growing expectations for Federal Reserve rate cuts,
However, Jefferies analysts downplayed the impact of the tariff news for gold producers, writing, “For now, we don't see this as a meaningful benefit for miners with US gold exposure (or vice versa), especially given the probability that the tariffs could be walked back or amended over time.”
1:30pm: Wall Street on track for weekly gains
Stocks extended their gains into early afternoon Friday, with all three major indexes on track to notch weekly advances. The Dow Jones Industrial Average rose 0.5%, while the S&P 500 gained 0.7% and the tech-heavy Nasdaq climbed 0.8%.
Investors continued to show confidence in the economic outlook amid resilient corporate earnings and expectations of eventual rate cuts from the Federal Reserve.
Meanwhile, gold futures surged to record highs in New York trading. The rally followed a Financial Times report indicating that some gold bar imports from Switzerland may no longer be exempt from U.S. tariffs, raising concerns about supply disruptions and boosting demand for the precious metal.
12:10pm: Investors embrace risk again
Strong corporate earnings and expectations of Federal Reserve easing have underpinned a solid week for equity markets.
“The rally in US markets continues to astound everyone,” said Chris Beauchamp, chief market analyst at IG.
Beauchamp pointed to renewed investor confidence despite lingering inflation concerns. He added that the return of dip buyers, optimism over a potential September rate cut, and a more dovish Fed stance have all fueled the risk-on sentiment.
“Overall buyers can feel satisfied with August’s trading so far,” the analyst said.
11:20am: SoundHound soars
SoundHound AI (NASDAQ:SOUN) jumped 32.4% on Friday after the voice artificial intelligence firm reported second-quarter results that beat expectations and raised its full-year revenue guidance, buoyed by strong demand across automotive, restaurant, and retail sectors.
The company posted a narrower-than-expected adjusted loss of $0.05 per share, compared to Wall Street estimates of a $0.10 loss. Revenue doubled year-over-year to $34.5 million, topping the $33.66 million consensus.
Wedbush described SoundHound as an “under-appreciated pure-play AI company” and said the latest results mark “a major step in the right direction,” as it looks to scale further in the second half of the year.
10:50am: Trade Desk takes big hit
Shares of Trade Desk Inc (NASDAQ:TTD) tumbled 38% on Friday morning after the digital advertising technology company posted better-than-expected second-quarter revenue but issued cautious guidance and faced renewed scrutiny over intensifying competition, particularly from Amazon.
The company reported second-quarter revenue of $694 million, beating analysts’ expectations of $684 million and marking a 19% year-over-year increase. Adjusted earnings per share came in at $0.41, just below the $0.42 consensus, though still up 5% from the year-ago period.
However, investor reaction was sharply negative, with the stock falling to around $54.44 in early trading. Analysts cited rising competitive pressures, especially from Amazon’s demand-side platform (DSP), and a more subdued outlook for the third quarter.
The Trade Desk forecast at least $717 million in revenue for the third quarter, slightly below Wall Street’s estimate of $718 million, and guided to adjusted EBITDA of approximately $277 million.
9:55am: Gold tariff surprise
US stocks opened in the green on Friday, with the major indexes extending gains as traders parsed fresh political developments, including President Trump’s latest Fed nomination and a surprise move to slap tariffs on gold bar imports.
The Dow rose 188 points, or 0.4%, to 44,157, while the S&P 500 gained 0.6% to 6,375. The Nasdaq advanced 134 points, or 0.6%, to 21,376, and the Russell 2000 ticked up 0.3% to 2,220.
Markets are adjusting to news that Trump has nominated Stephen Miran to the Federal Reserve Board of Governors as part of a broader shakeup that could set the tone for monetary policy heading into the fall. Investors are also digesting reports that Trump is weighing Christopher Waller as his next Fed Chair pick.
"Both men are viewed as dovish, which aligns with Trump’s rate-cut ambitions," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. "However, the US 2-year yield has barely reacted—reminding us (again) that rate cuts don’t always lower borrowing costs if they aren’t seen as credible or justified."
Ozkardeskaya pointed to a similar scenario last September, when the Fed’s surprise 50-basis-point cut actually drove yields higher in the weeks that followed.
Meanwhile, gold futures in New York jumped above London prices after the Financial Times reported the US is now planning to impose tariffs on imported gold bars.
In individual stock movers, Trade Desk (TTD) plunged more than 38% after CEO Jeff Green warned that tariff uncertainty is beginning to weigh on key global advertisers. The rout, if it holds, could erase over $12 billion in market cap.
On a brighter note, SoundHound AI (SOUN) surged 25% at the open after reporting record second-quarter revenue, boosted by strong growth in verticals like restaurants and hospitals. The company posted a 217% year-over-year jump in revenue.
8am: Stocks set for strong open
The Nasdaq is expected to lead the market higher when trading gets underway in an hour and a half, a day after the tech-heavy index closed at a new record.
Nasdaq 100 futures were up more than 0.3% ahead of the open, with those for the S&P 500 up 0.3% and Dow Jones futures 0.2% firmer.
The Nasdaq rose 0.4% on Thursday as tech stocks were boosted after US President Donald Trump hinted that upcoming tariffs on semiconductors may include a carveout that could favor Big Tech. The Dow fell 0.5% while the S&P 500 closed just 5 points lower.
Adding to the momentum today is the White House's nomination of Stephen Miran, the current chairman of the Council of Economic Advisors, to the Federal Reserve Board of Governors. His nomination follows the resignation of Adriana Kugler and will run through early 2026.
"Notably, Miran was one of the architects for the Mar a Largo Accord, which advocated for the use of tariffs and dollar devaluation as a strategy to increase economic output and international competitiveness," commented Joshua Mahony, chief market analyst at Rostro.
"From a Fed perspective, this could provide us with greater confidence over the direction of interest rates this year. Miran takes the role on a temporary basis, and thus he is likely to vote for a rate cut in each of the remaining meetings this year."
Meanwhile, gold futures surged to an all-time high of $3,534.10 an ounce in New York following a report by London's Financial Times that the US is slapping tariffs on one-kilo gold bars, shaking up global bullion trade and dealing a blow to Switzerland, the top supplier.
A Customs ruling reclassified the bars under a tariffed code, sparking a record spike in Comex gold futures. Swiss refineries, caught off guard, are now pausing shipments to the US
The move adds to tensions after Washington hit Swiss imports with a 39% tariff last week.
"Gold is up to some funny business with the US apparently slapping tariffs on one-kilo bars, which has seen New York futures surge," commented Saxo's Neil Wilson.
"Rather like the copper market, it’s unbalanced the usual internal structure of the physical vs futures markets. The NY market is used by bullion banks as a hedging tool, so we’re seeing shorts intended as hedges get blown up. For now, the London spot price is the most reliable gauge of price."